EVENING. Business.

Mellon slices: Mellon Bank Corp. said it agreed to sell a...

April 01, 1999

Mellon slices: Mellon Bank Corp. said it agreed to sell a $14 billion commercial mortgage servicing portfolio to GMAC Commercial Mortgage Corp., as it exits the commercial and residential mortgage business. GMAC Commercial Mortgage, an arm of General Motors Corp.'s financing unit GMAC and the largest U.S. servicer of commercial mortgages, would have a servicing portfolio of about $70 billion after this deal. The bank sold its credit card business, including 800,000 accounts and $1.9 billion in receivables, to Citigroup Inc. less than two weeks ago.